Rockrose Development Corp. purchased 15 East 26th Street from the real estate private equity firm Savanna for $105 million and will move its headquarters to the commercial condominium.
The 150,000-square-foot commercial portion of the Madison Square Park-area tower comprises the first eight floors of the 93-year-old building. Savanna initiated a $9 million capital improvement campaign there after acquiring the property in 2012. It is currently over 95 percent leased. Read More
Emily Thompson Flowers, a high-end floral arrangements designer, has signed a five-year, 850-square-foot retail lease at 211 Front Street, located on the corner of Beekman and Front Streets in Manhattan’s South Street Seaport District, The Commercial Observer has learned.
The space features 12-foot ceilings, with roughly 60 feet of exterior wraparound frontage and floor-to-ceiling windows, brokers Read More
With their ability to transmit massive amounts of data at high speed, fiber-optics are the next big thing in communications, which is why Time Warner Cable Business Class has embarked on a mission to expand its fiber network throughout the city. While many other companies are also installing fiber — a technology that relies on microscopic glass strands to circulate information— there’s a crucial difference between Time Warner Cable Business Class’ services and that of its competition.
New York real estate is some of the most desirable and expensive in the world, but the ever-fluctuating price of a square foot is unquestionably dwarfed by the value of human life. This year, the real estate industry lost two figures whose talents transcended leasing and sales
West Elm’s 150,000-square-foot lease at 55 Water Street in Dumbo was the crowning Brooklyn deal of a year when the big-boy developers seemed to (belatedly) pounce on Kings County all at once.
News of the deal in early September followed an announcement that Midtown Equities, in partnership with Rockwood Capital and HK Organization, had clinched the sought-after project of converting the 327,000-square-foot Empire Stores site on Water Street—once a coffee and dry goods warehouse—into a gilded office and retail complex. West Elm’s lease was the biggest in Brooklyn this year, and at an address whose reported penthouse office space asking rent, $90 per square foot, set a borough record. Read More
An astounding 54.3 million tourists are expected to have visited New York City by the end of this year, many of them for the first time. And while, of course, for many of these visitors, a runway at LaGuardia or the back of a cab driver’s head will be their first impressions of the city, the more memorable vision will be the one that has been enchanting tourists ever since 1870, when construction workers topped out the 130-foot tall Equitable Life Assurance Building, long considered the Big Apple’s first skyscraper. Read More
Back in 2011, Coach agreed to pay a reported $750 million for its 740,000-square-foot global corporate headquarters in Related’s South Tower at Hudson Yards.
That deal may have been the official stamp of approval for the massive project rising on the city’s west side, but the announcements in April that SAP America, Inc. and L’Oréal Read More
Lawsuits, investor squabbles and multiple bids to purchase the Empire State Building didn’t stop Peter and Tony Malkin and the Empire State Realty Trust from going public with the “ESRT” real estate investment trust.
Back in March, The Commercial Observer reported that the IPO was expected to succeed, but it wasn’t until Oct. 2 that the initial public offering—71,500,000 Read More
Edward Minskoff was unfazed in April when he rather pointedly blamed the media for allegations that his “spec” office tower gamble at 51 Astor Place had backfired.
“These are words that are coming from media types that don’t understand our business, so they make assumptions—and by definition an assumption is not a statement of fact,” Read More
The partial sale of the GM Building in May to Sungate Trust for $1.4 billion topped a string of large office building sales this year that reflected increased investor hunger for safe, long-term bets amid a stabilized post-recession environment.
The purchase of the 40 percent stake valued the building at $3.4 billion, ranking it Read More
There had been rumblings for years.
Ever since the original Penn Station was demolished to make way for Madison Square Garden in the 1960s, commuters and architecture critics alike bemoaned the cramped subterranean train hub and the unsightly arena perched above it.
Then, like a spark, Michael Kimmelman, The New York Times architecture critic, brought the debate to the fore with a column in February urging the City Council to deny Madison Square Garden’s request to renew its permit to operate in perpetuity. With a request set to begin the Uniform Land Use Review Procedure, it couldn’t have come at a more pivotal moment.
The trendy Ace Hotel brand will soon sidle up right next to the Bowery Mission with a so-called “faux hostel” (or “distilled service”) concept at the vacant 225 Bowery, formerly a Salvation Army shelter and community center.
Nataliya Donskoy of ND Architecture will design the spot’s 178 guest rooms spread over 10 floors and 57,793 square feet. Bowery Boogie, which first reported the Bowery Ace project in September, is now saying that the development will cost $5 million split between North Wind Group and the Omnia Group. Read More
From Silverstein Properties and Boston Properties on down to Forest City Ratner Companies, age played a decisive role in succession planning across some of the country’s largest real estate companies this year.
Larry Silverstein, Mort Zuckerman and Bruce Ratner all handed the reins to younger real estate executives during a year of leadership changes that rippled across the industry. Vornado Realty Trust and Cushman & Wakefield also experienced top-level shake-ups.
Largely ignored by the general public, the east Midtown rezoning plan was, for months, a debate between the real estate industry and preservationists.
That is, until early November, when it began to look like Mayor Michael Bloomberg’s last significant public initiative was about to fail to gain approval.